Texas Occupations Code 2028.2041 – Allocation of Certain Funds
(a) In each state fiscal biennium, the comptroller shall deposit the amounts allocated under Section 151.801(c-3), Tax Code, into the escrow account established under Section 2028.204(b), until the comptroller determines the amount deposited into the account in that fiscal biennium equals the greater of:
(1) the amount appropriated to the commission for the purposes of Section 2028.204 for that fiscal biennium; or
(2) $50 million.
(b) Once the comptroller determines the greater of the amount described by Subsection (a)(1) or (2) has been deposited during a state fiscal biennium into the escrow account established under Section 2028.204(b), for the remainder of that fiscal biennium the comptroller shall deposit the amounts allocated under Section 151.801(c-3), Tax Code, into the general revenue fund.
Terms Used In Texas Occupations Code 2028.2041
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(c) The balance of the escrow account established under Section 2028.204(b) shall not exceed $50 million.